PNC Financial Services Group Inc. Raises Stock Position in CDW Co. (NASDAQ:CDW)

PNC Financial Services Group Inc. boosted its holdings in shares of CDW Co. (NASDAQ:CDW - Free Report) by 2.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 696,733 shares of the information technology services provider's stock after purchasing an additional 15,527 shares during the period. PNC Financial Services Group Inc. owned about 0.52% of CDW worth $157,671,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Perpetual Ltd acquired a new stake in shares of CDW during the 3rd quarter valued at about $158,300,000. Lazard Asset Management LLC raised its stake in shares of CDW by 225.9% during the 1st quarter. Lazard Asset Management LLC now owns 881,586 shares of the information technology services provider's stock worth $225,491,000 after buying an additional 611,054 shares during the period. Ceredex Value Advisors LLC purchased a new position in shares of CDW during the 2nd quarter valued at approximately $79,549,000. Canada Pension Plan Investment Board grew its stake in CDW by 2,045.4% in the 2nd quarter. Canada Pension Plan Investment Board now owns 294,302 shares of the information technology services provider's stock valued at $65,877,000 after acquiring an additional 280,584 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its holdings in CDW by 46.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 620,190 shares of the information technology services provider's stock worth $158,634,000 after acquiring an additional 195,951 shares in the last quarter. 93.15% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have issued reports on CDW shares. Citigroup downgraded shares of CDW from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $250.00 to $245.00 in a report on Tuesday, October 1st. Redburn Atlantic assumed coverage on CDW in a report on Friday, November 15th. They issued a "buy" rating and a $230.00 price objective on the stock. JPMorgan Chase & Co. lowered CDW from an "overweight" rating to a "neutral" rating and lowered their price target for the stock from $260.00 to $235.00 in a research note on Monday, October 28th. Finally, Barclays decreased their price objective on CDW from $229.00 to $201.00 and set an "equal weight" rating on the stock in a report on Thursday, October 31st. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $244.63.

CDW Trading Up 1.1 %

CDW traded up $1.94 during mid-day trading on Wednesday, hitting $175.99. 1,317,596 shares of the stock were exchanged, compared to its average volume of 889,421. The firm's fifty day moving average is $211.13 and its two-hundred day moving average is $219.03. CDW Co. has a 1-year low of $172.95 and a 1-year high of $263.37. The company has a market cap of $23.45 billion, a PE ratio of 21.51, a PEG ratio of 4.96 and a beta of 1.05. The company has a current ratio of 1.40, a quick ratio of 1.28 and a debt-to-equity ratio of 2.39.

CDW (NASDAQ:CDW - Get Free Report) last released its earnings results on Wednesday, October 30th. The information technology services provider reported $2.63 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.68 by ($0.05). CDW had a return on equity of 58.31% and a net margin of 5.33%. The business had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.72 billion. During the same quarter last year, the company earned $2.60 earnings per share. CDW's quarterly revenue was down 2.0% compared to the same quarter last year. Equities analysts forecast that CDW Co. will post 9.05 earnings per share for the current fiscal year.

CDW Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 25th will be paid a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a yield of 1.42%. This is a boost from CDW's previous quarterly dividend of $0.62. The ex-dividend date is Monday, November 25th. CDW's payout ratio is presently 30.32%.

About CDW

CDW Corporation provides information technology (IT) solutions in the United States, the United Kingdom, and Canada. It operates through three segments: Corporate, Small Business, and Public. The company offers discrete hardware and software products and services, as well as integrated IT solutions, including on-premise and cloud capabilities across hybrid infrastructure, digital experience, and security.